Cluster Deposit:
Encash part of the deposit amount while the balance continues to earn
interest at the contract rate as the NRE Fixed Deposit is held in
clusters of Re.1

Initial Fixed Deposit: Rs. 25,000/-

Add-on Fixed Deposits: Rs. 10,000/-

Maintain the deposit for a tenure of minimum 1 year and a maximum
of 5 years

Interest Rates

The deposit rates for NRE deposits will change from the first of
every month. Since the cap on NRE rates has been enforced by the Reserve
Bank of India, no request for offering differential rates would be
entertained

Interest rates are subject to change from time to time

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Applicable interest rates will be given as on the date of receipt
of the funds by the Bank

FAQs

What is the minimum amount with
which I can open an NRE Fixed Deposit?

The minimum amount with which you can open an NRE Fixed Deposit
Account is INR 25,000/- and the amount required for Add-on Fixed
Deposits is INR 10,000/-.

What is the frequency of interest
payment on my NRE Fixed Deposit Account?

Interest is credited in your NRE Savings Account every quarter
of the year.

Will I get a cheque book and
an ATM / Debit Card when I open an NRE Fixed Deposit?

No. You will not get a cheque book or an ATM / Debit Card with
your NRE Fixed Deposit Account

Can I avail of a loan against
my NRE Deposits?

Yes. You can avail of a loan against your NRE Deposits. The loan/overdraft
can be used for personal purposes or for carrying on business activities
other than -

Relending

Agricultural/plantation activities

Real estate business

Can I break my Deposit before
the maturity period?

Yes. You can break your Deposit before the maturity period. NRE
Deposits booked on or after 1st May 2003 will qualify for interest
only if they have run for a minimum period of 12 months.

Can my NRE Deposits with the
Bank be automatically renewed on maturity?

If you provide specific auto renewal instructions, the deposit
will be renewed on maturity in accordance with the instructions.
In the absence of any instructions, deposit will be renewed for
the same period at the rates prevailing on the date of maturity.

What taxes am I liable to pay
if I have an NRE Fixed Deposit?

As per current guidelines, funds in NRE Fixed Deposit Account are
exempted from income tax in India.

What is the tenure and interest
rate for which I can open a NRE Fixed Deposit?